steve, good morning to you. >> peter, very good day to you as well. let me tie in the story with what you've been talking about in the united states, ie, the debate on going after the lection about austerity, about the fiscal cliff. we have our own fiscal cliff in europe. it is called austerity. it is going on especially throughout southern europe. it is designed to get the deficits and these enormous debt to gdp levels under control. the problem, of course, is there a human cost and there is an economic cost. the cost of the human front is unemployment. in spain and greece, for instance, 25% of the people are unemployed. and there is negative growth. in spain today we had negative 1.6% gdp figures. if austerity goes on, the people you see on the pictures are protesting and understandably. they're seeing the standard of living decline aggressively on the back of the tax hikes. it sounds familiar to the debate you're having in the united states. the difference is we're living it now. you're talking about it in the future as well. so the potential ramif